IdentityMind Global™ Provides Bitlicense Compliance for Digital Currency Administrators, Exchanges, and Traders

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IdentityMind Global’s risk management platform provides the transaction monitoring, customer identification, and reporting capabilities required to comply with the latest anti-money laundering requirements put forward by the New York Department of Financial Services (NYDFS) for virtual currencies in the Bitlicense rules and regulation.

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We can safely say to all our clients, and the industry overall, that by using our platform they have the technology to cost-effectively comply and operate in New York. We continue to support the virtual currency industry both domestic and international.

IdentityMind Global, a leading provider of risk management and payments solutions, announced today their solution provides all the Anti-Money Laundering capabilities required to comply with the final Bitlicense requirements announced by the New York Department of Financial Services on June 3rd, 2015. Companies who have customers in New York, or who are physically located in the state must submit the application for a Bitlicense. The license requires strong Anti-Money Laundering capabilities, including transaction monitoring and risk-based Know Your Customer (KYC).

"We are reassured that our industry-leading compliance solution meets all the transaction monitoring and risk-based KYC requirements stated in the New York Bitlicense," said Garrett Gafke, IdentityMind Global CEO and President. "We can safely say to all our clients and the industry overall that by using our platform they have the technology to cost-effectively comply and operate in New York. We continue to support the virtual currency industry both domestic and international.”

IdentityMind Global’s Bitlicense support includes:

Transaction Monitoring

  •     Full transaction monitoring (amount, date, time, payment instructions, fees and charges, names, account numbers, physical addresses).
  •     Monitoring and real-time alerting for suspicious activity (money laundering, or other illegal or criminal activity).
  •     Maintaining records to demonstrate compliance with applicable state and federal anti-money laundering laws, rules, and regulations for at least seven years.
  •     Easy filing of Suspicious Activity Reports (“SARs”) in accordance with applicable federal laws, rules, and regulations.
  •     Ability to flag or reject specific or impermissible transactions.
  •     Regulatory Requirements for Virtual Currency to Virtual Currency transactions

Customer Identification Program (CIP):

  •     Identity verification to a reasonable/practical extent including for unbanked and underbanked users.
  •     Customer screening against the Office of Foreign Asset Control (OFAC) list, Politically Exposed People (PEP) list, and many other sanctions lists.
  •     Enhanced Due Diligence for high-risk customers, high-volume accounts, foreign entities, or accounts where a SAR has been filed.
  •     Prohibition on accounts with foreign shell entities.
  •     Identification capabilities for transactions with a value greater than $3,000.

For Digital Currency and Bitcoin businesses who wish to avoid operating in New York, or have not yet acquired/filed for a New York Bitlicense, the IdentityMind platform also provides location monitoring and Geofencing services allowing clients to block users affected by the New York State requirements.

This version of IdentityMind Global’s AML and Risk Management platform is available immediately to clients worldwide. Customers can sign up for the service online at

For more information about the features in this release, or the overall IdentityMind Global platform, please contact: evangelist(at)identitymind(dot)com or sales(at)identitymind(dot)com.

About IdentityMind Global™:

IdentityMind Global provides risk management and regulatory compliance solutions for the financial and digital commerce ecosystem. Our Fraud Prevention and Risk Management Platform provides financial institutions and online merchants with real-time capabilities to effectively address the operational challenges of conducting online financial and payment transactions. IdentityMind delivers integrated Fraud Prevention, Anti Money Laundering (AML), Know Your Customer (KYC), Merchant Underwriting and Transaction Monitoring. IdentityMind’s patent-pending technology Electronic DNA (eDNA™) recognizes identities based on electronic attributes and how these attributes are validated and correlated against each other. The platform shares eDNA™ across all our clients so they can all benefit while keeping identities and transactions private to each client. IdentityMind Global services clients worldwide including Banks, Money Service Business, Payment Service Providers, Virtual Currency Exchanges, Trading Platforms, and Online Merchants.

For more information, visit us at, or follow us on twitter: @identitymind

© 2015 IdentityMind Global. All rights reserved. IdentityMind, IdentityMind Platform, IdentityMind eDNA, IDMPay and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global, Inc. in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

IdentityMind Global™ is privately held. For more information please refer to, or reach us at info(at)identitymind(dot)com.

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Geo Coelho
since: 02/2012
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